German fund manager Real I.S. announced on Wednesday that it has purchased an office building in midtown London for £52 mln (EUR 63 mln).
German fund manager Real I.S. announced on Wednesday that it has purchased an office building in midtown London for £52 mln (EUR 63 mln).
The property was rebuilt in 1990 behind the existing façade of an old structure dating from 1900 and has six office floors and a lettable area of around 7,400 m2.
The asset is in a central location between Bloomsbury Street and Bedford Avenue, and it has been fully let to the Secretary of State for Transport, Local Government and the Regions until 2022. The tenant has a renewal option for another 15 years.
'We are pursuing the fund's underlying strategy by selecting a property in a prime location and a tenant with an excellent credit standing,' said Real I.S. executive board member Andreas Heibrock.
The office building is to be added to a new Real I.S. 'Bayernfonds' in September.
Real I.S. belongs to the Sparkassenfinanz group of German savings banks, Landesbanken and associated companies and is the asset management company for BayernLB's commercial real estate activities. Since 1991, Real I.S. has offered more than 100 fund products with an overall investment volume of more than EUR 7 bn for private banking and institutional investors.